Meta Platforms (META) shares hit another record high Friday as investors continue to pile into the stock, impressed by the tech giant’s latest artificial intelligence (AI) and metaverse innovations revealed last week at the company’s Connect conference.

Earlier this week, the shares received a boost after Pivotal Research analyst Jeffrey Wlodarczak initiated coverage on the stock with a “buy” rating, pointing out that the Facebook and Instagram parent’s AI initiatives have it well placed to boost user engagement, helping the company gain 澳洲幸运5官方开奖结果体彩网:market share in search and social media.

Meta shares were up 0.4% at around $585 in midday trading Friday. The stock has gained 65% so far in 2024, handily outpacing the 澳洲幸运5官方开奖结果体彩网:S&P 500’s return of around 20% over the same period.

Below, we take a closer look at the 澳洲幸运5官方开奖结果体彩网:technicals on Meta’s chart and point out key price levels worth watchin⛄g.

Strong Price Momentum, Overbought Conditions

Meta’s price has continued to grind higher since breaking out from an 澳洲幸运5官方开奖结果体彩网:ascending triangle last month, however, 澳洲幸运5官方开奖结果体彩网:trading volumes have decreased throughout the move, potentially signaling a tiring uptrend in the stock.

Moreover, while the 澳洲幸运5官方开奖结果体彩网:relative strength index (RSI) confirms bullish price momentum, it also warns of 澳洲幸运5官方开奖结果体彩网:overbought conditions, ✃opening the door to short-term profit taking.

Looking ahead, investors should eye several key 澳洲幸运5官方开奖结果体彩网:retracement levels on Meta’s chart, while also monitoring a couple of bullish 澳洲幸运5官方开奖结果体彩网:price targets we can forecast using technical analysis.

Retracement Levels to Watch

During an initial pullback in the stock, it’s worth keeping an eye on the $535 level, a key region on the chart near the ascending triangle top trendline that may have flip from providing prior 澳洲幸运5官方开奖结果体彩网:resistance into offering future support.

A 澳洲幸运5官方开奖结果体彩网:breakdown below this level could signal a potential trend reversal, leading to a retest of lower support around $480, an area where the shares would likely attract buying interest near the rising 澳洲幸运5官方开奖结果体彩网:200-day moving average and a range ofꦅ similar trading levels🔥 on the chart between February and August.

Bullish Price Targets to Monitor

Forecasting chart-based price targets essentially works by using historical 澳洲幸运5官方开奖结果体彩网:price action to predict future moves.

To project a price target using the 澳洲幸运5官方开奖结果体彩网:measuring principle, we calculate the distance between the symmetrical triangle’s two trendlines near the start of the pattern and add that amount to the breakout point. In this c𝓀ase, we add $165 to $535, w🐲hich forecasts a target of $700.

We can predict a pri♎ce target using the bars pattern by taking Meta’s trend higher from December to March and overlaying it on the chart from last month’s low, a technique that forecasts a target of around $790. 

The prior move, which also started from the lower trendline of an earlier ascending triangle, occurred over 62 trading days, meaning a similar trending move could pot🥂entially play out until early Deಌcember if price history rhymes.

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As of the date this article was written, the author does not own any of the above securities.